The season is finally here: Medicare Annual Enrollment. Although this period is vital to eligible persons, a few don’t know what exactly they’re signing up for.
In this post, we’ll walk you through everything you need to know about Medicare Annual Enrollment and the benefits of reviewing your coverage. We’ll also guide you in choosing the right plan to ensure you get the coverage you need at the price you can afford.
What Is Medicare Annual Enrollment?
It’s a period each year, from October 15 to December 7, known as Medicare Annual Enrollment. During this time, you may join, switch, or drop a Medicare Advantage plan (Part C) or a prescription drug plan (Part D).
Who Is Eligible for Medicare Annual Enrollment?
Medicare Annual Enrollment is open to everyone who is enrolled in Medicare, including:
- People aged 65 years old or older
- People under 65 years old with a long-term disability
- People who have End-Stage Renal Disease (ESRD)
If you’re unsure whether you’re eligible for Medicare, you can check the Social Security website or call the Administration at 1-800-772-1213.
Benefits of Reviewing Your Medicare Coverage
Reviewing your Medicare coverage during Annual Enrollment is crucial as it lets you:
1. Ensure You Have the Coverage You Need and Want
Your medical needs can change over time, so reviewing your Medicare coverage each year is essential to ensure it still meets your needs. For example, if you’ve developed a new health condition, you may need to switch to a plan that covers more of the medications and treatments you need.
2. Get the Best Possible Price on Your Coverage
Medicare plan costs can change each year, so it’s important to compare plans during Annual Enrollment to ensure you’re getting the best possible price. You can use the Medicare Plan Finder tool on the Medicare website to compare plans in your area.
3. Find a Plan That Is in Your Network of Doctors and Hospitals
If you have a doctor or hospital you prefer to see, it’s important to ensure they are in your Medicare plan’s network. You can check your plan’s provider directory to see which doctors and hospitals are in your network.
Choosing the Right Medicare Plan For You
To choose the right Medicare plan, consider the following factors:
1. Your Needs and Budget
This will ensure you have the coverage you need at a price you can afford. Here are some things to think about:
- What are your health needs? Do you have any chronic health conditions?
- What medications do you take?
- What doctors and hospitals do you prefer to see?
- How much can you afford to pay in premiums and out-of-pocket costs?
2. Compare plans and Coverage
Once you understand your needs, you can use the Medicare Plan Finder tool on the Medicare website to compare plans in your area. Be sure to think about the following factors:
- Out-of-pocket maximum
- Network of doctors and hospitals
3. Talk to Your Doctor or Other Healthcare Provider
Once you’ve narrowed down your choices, it’s a good idea to talk to your doctor or other healthcare provider. They can help you understand the different coverage options and choose the right plan.
Take Action Now
You don’t have to change your Medicare coverage during Annual Enrollment. But, reviewing your coverage each year is a good idea to ensure it still meets your needs. If you need help navigating your Medicare journey, contact us today and schedule an appointment with our experts.